Moody's Downgrades to Baa1 the Portales MSD (NM) GOULT Bonds; Outlook Remains Negative
New York, December 21, 2016-- Summary Rating Rationale. Moody's Investors Service has downgraded to Baa1 from A3 the rating on Portales Municipal School District 1' s, NM $3.7 million in rated general obligation unlimited tax bonds. The downgrade to Baa1 is based upon a six-year trend of operating deficits, including fiscal 2016, that severely weakened cash and fund balance.
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